Shopify Credit glossary of terms

When you're applying for or actively using Shopify Credit, you might encounter some of the following terminology:

Amounts Due or Amounts Owed. At any given time, your total payment obligations under your Issuing Bank Terms that are due, including, without limitation, your any unpaid Statement Balances, Statement Fees, Monthly Late Fees, Charges, Penalties, and other amounts incurred through use of your cards or posted to your Shopify Credit card account.
Authorized User. Any person that (i) is authorized by you to use cards and make purchases and other charges on behalf of your business, including but not limited to your employees, independent contractors, and representatives; (ii) has an existing Staff Account; and (iii) has accepted and agreed to be bound by the Authorized User Terms.
Available Spend. Means the aggregate dollar amount available for card transactions on all cards. Available spend is equal to your credit limit, minus the amount of any amounts owed and holds on your cards.
Billing Cycle or Statement Period. This is the time interval covered by a card statement. Each billing cycle is one calendar month, except the first and last billing cycles, which might be shorter or longer.
Card Statement. This is the periodic statement identifying the statement balance and the charges, fees, and other amounts incurred through the use of your cards or posted to your card account. The card statement includes any payments, refunds, disputed charges, or other amounts credited to your card account, during each billing cycle. Card statements are available within the Credit. homepage in your admin following the closing date of each billing cycle.
Closing Date. The date of the last day of a billing cycle, as specified in your card statement.
Credit Limit. The maximum amount of credit available from the Issuing Bank for card transactions through your card account.
Disputed Charge. A card transaction that you report as erroneous or unauthorized. Learn more about disputing charges on Shopify Credit
Grace Period. Each statement period is followed by a one-calendar-month grace period. Similar to traditional credit cards, if you repay your full statement balance within the grace period, then you don't pay fees or repay your balance from daily sales. Your statement fee is applied to your account on the first day following the grace period.
Repayment Period. The period of time, inclusive of the grace period, following the closing date of a card statement by which you have to repay your statement balance in full.
Statement Balance. The total amount incurred through use of your cards or posted to your card account (which will include, without limitation, charges, fees, and any other amounts) during each billing cycle. Your statement balance is reflected on your card statement and is inclusive of your statement fee.
Statement Fee. A fee equal to the percentage indicated in your program terms, subject to any discounts. Your statement fee is waived in full in the case where you successfully repay your monthly statement balance in full on or before the last business day of your grace period.